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05. Insurance

You will need to consider what insurance you will need if you’re operating as a sole trader or as a business. Without insurance, you may not be able to operate in some circumstances – or be at health or financial risk. For example, if you want to book a stall at a market, offer an in-person service (eg: photography), or perform in any public space – you will need insurance. You will need to get advice on what kind of insurance you need depending on what business activities you carry out.

You will most likely need any or all of the types of insurance listed below:

Public Liability Insurance

Public Liability Insurance is designed to protect your business against claims resulting from accidents or injuries that occur as a result of your business activities, as well as accidental damage to property owned or controlled by someone else.

If you work with clients or customers, in public spaces, visit spaces owned or controlled by others, have visitors to your premises or manufactory products: public liability insurance is your best defence against potential costly personal injury or property claims.

Product Liability Insurance

If you manufacture products, sell or distribute products or import products into Australia, you should have product liability insurance. Product liability insurance covers you for damage or injury that you might cause to another business or person by your product or service. This type of insurance is very important because people who believe that they have been injured by your product can take action against you, as a manufacturer or importer.

Professional Indemnity Insurance

Professional indemnity insurance protects professionals who provide advice or services to other businesses or individuals. This type of insurance is important to have because if the client claims your advice or services caused them damages, injury or loss, then you could be hit with a hefty claim and associated legal costs.

Why do you need to consider professional indemnity insurance?

Despite your best intentions, the proverbial can hit the fan. That’s why many associations require or recommend that professionals are covered with industry-specific professional indemnity insurance. Examples of common breaches of duty and mistakes that can result in liabilities can include the following:

  • A graphic designer creating content similar to a copyrighted design, resulting in legal proceedings
  • Performers conduct resulting in the injury of a patron
  • A photographer becoming injured during a shoot
  • An accountant auditing a client’s account incorrectly resulting in a penalty
  • A personal trainer offering advice to a client, resulting in their client becoming injured
  • An accidental omission in the provision of professional advice resulting in a critical deadline being missed

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